Are Free Credit Card Terminals Worth It?

In the current competitive market, companies do everything possible to encourage customers to buy their products or services. One of the most common marketing tools is to return something to F * R * E * E *. Yes, it is F * R * E * E * in capital letters, in bold, with stars between each letter, not “free” in a small register. The companies claim that they emphasize the word “free” – similar to revoking their head with the proverbial two by four, so they sat down and realized that they could get something, anything, without having to pay a mid-term. nickel red or a cold penny.

If you are a business owner, you can read this article because you are planning to accept credit card payments. The first step is to select a merchant account provider. With almost thousands to choose from, this is not an easy task. To alert you, merchant account providers (MAP) do not get a free trump card to get it as a customer. Regardless of how attractive the proposal is, you should first look at the general image when viewing each MAP card structure, customer service policy, etc. D. Before signing the contract.

Free terminal for credit cards: are they really free?

What is the free offer of choice from different commercial account providers? In many cases, this is a terminal for credit cards. This can tempt those who are attached to cash. However, with greater verification, you can find that higher fees are charged with a free terminal, for example, annual, periodic or final rates, for example. These increased rates can more than offset the price of the terminal. In fact, within a certain period of time, an individual can pay in the form of additional fees of two to four times the initial cost of the terminal. Although you may believe that you are “becoming a bully,” you have to ask yourself: “Do I really not get anything?”

Depending on the needs of your business, you may need:

  • Basic terminal: the average cost is $ 150 to $ 300
  • Terminal with printer – average cost of $ 200 to $ 600
  • Wireless terminal: the average cost is $ 600 to $ 1000

As you can see, free credit card terminals are not extremely expensive equipment. Therefore, before signing with MAP to receive a free terminal, you must first ask yourself: “Is that what I saved in advance, really worth it?” To answer this question, you must:

  • Compare and map the different structures of the MAP card: are they more when you add a free terminal? If so, how much?
  • Consider if there is a termination fee. Some MAPs that do not normally include termination rates can add it by providing a free terminal. How much does the rate cost? For example, if your terminal was $ 300 and the termination fee was $ 250, could there be a free terminal (which is not much more than the termination rate) if you want to cancel your service for any reason? This example does not include other increased rates that may apply, such as annual or batch rates.

Post Author: Jennifer Slegg

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